Define Cost. Distinguish Between Fixed and Variable Costs. Give One Example of Each. - CBSE (Arts) Class 12 - Economics
why create a profile on Shaalaa.com?
1. Inform you about time table of exam.
2. Inform you about new question papers.
3. New video tutorials information.
Costs are the total of expenditure incurred by the producer in producing a good. It includes the cost of factor inputs and non-factor inputs of the production of a good.
Cost of production is the expenditure incurred by a firm on the factor inputs such as land, labour, capital and entrepreneur and non-factor inputs such as raw materials for the production of a good.
Is there an error in this question or solution?
Solution Define Cost. Distinguish Between Fixed and Variable Costs. Give One Example of Each. Concept: Cost - Fixed Cost.